Cable Update (GBPUSD)

a higher low and a high (?) in the 5/15min charts, 5min shown;

ideeper pullback or intraday reversal ?

That 1hr H&S played out well: 0192 top

IMHO a pullback rather then a reversal, 4hr chart indicates to me that the downward move has not finished yet. Yesterday was an up day for cable, but todays performance is giving to the downward preassure. The 9730 level seems critical, once and if it is crossed to the downside, there would be shorting apportunuty. Caution is requred that at this level (9730) there would not be a snap reversal, penetrating it for a while and going in the opposite direction with srtength. We shall see, I have to admit that my paticular view has been coloured by the EW count, which if correct indicates that cable is in the 3rd EW on daily, and 3d wave is the best to trade. That means if I am correct, there is still someway for cable to fall. I do filter these approach by lower time frames and chart analysis too, not just assuming EW count to be the only guidance. I just read Abuawad posts and I think he has done a great job. Saying this I am flat atm waiting for shorting apportunity, as I am not confident to go long at present.

u have bernanke talking at 3pm, ism non maufac at 3pm, jobless at 1.30pm that could give some direction

Odds chart wise is back to the downside!!

But waiting on news!!

dude dont be sorry the market is confusing all of us
but then again after a while u realize that wenever bernanke is talking the market acts this way and usually after the over exaggeration of the reaction to his speech we can c directions for all pairs including cable.

so wait till he speaks and then u will clearly see the direction.

Prev 366K, forecast 366K actual 407K UGGGGGGG thats BAD news!!

* gone Long *

407k jobless claims big figure

should see 1.9900+ based on that news, if we don't, well I truely give up on news trades

bernanke effect could also spur further rally after fast rejection from sub 19800 area, keep an eye on that ISM Services - prob more important than manufacturing, still looking for renewed short position nevertheless

Stopped -8 pips area

First loss in ages, as it's moving up arrggghhhhhhhh!!!


Wishes I'd of taken +20!!

thats the thing with instant gratification trades, fast entry requires even faster exit!

System was screaming exit at +20 @60.

This is weak upside, agreeing with you on setting up a short position, but not time yet!!

No biggy!!

another pin on the 4hr

short for sure. am thinking the gb will drop to around 735 before halting today. was a good night for scalping tho. some good entries.. few pips at a time...

www.forex-24-7.com taught me some good methods...

happy trading all

hey guys I too think that cable is bearish however I think if u want to short u can get a better price after bernanke finishes his speech because after thos jobless claims he will get eaten alive in todays testemony because they were the highest since 2005.

Took a UJ bounce so nicely positive here today

+18pips so vague is better term than nice


Confused so time to go the bank again trade careful back ASAP!!

bones think cable reach 19900 today?

Yep Salah, smell of distrubition meaning funds want us to go lower likely dumping there longs / shorting at this point, hence no huge move.

BUT Shorting currently is like jumping infront of a train, catch the train don't go SPLAT!!

My 1 hour